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THE DOWNSIDE RISK APPROACH TO COST OF EQUITY DETERMINATION FOR SLOVENIAN, CROATIAN AND SERBIAN CAPITAL MARKETS

Mirela Momcilovic, Dejan Zivkov, Sanja Vlaovic Begovic

The cost of equity represents significant input in the investment process evaluation, company valuation or in the process of an acquisition. In developed countries, the cost of equity is usually determined on the basis of Capital Asset Pricing Model – CAPM (Sharpe, 1964; Litner, 1965) according to which in the state of market equilibrium investors expect return from the security proportional to its systematic risk. The model uses beta coefficient of secutity as a measure of systematic risk. The CAPM disregards unsystematic risk, because the model assumes that investors hold highly diversified portfolios, which enable investors to eliminate unsystematic risk (see Wagner & Lau, 1971; Klemosky & Martin, 1975). Investors at developed markets, besides CAPM often use some other asset pricing models, like Arbitrage Pricing Model (Ross, 1976) or Fama-French Three-Factor Model (Fama & French, 1992; 1993).
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AN EVALUATION OF SELECTED ASSETS AND THEIR IMPACT ON THE DECLARATIVE CHARACTERISTIC OF RATIO INDICATORS IN FINANCIAL ANALYSES

David Pur, Helena Jáčová, Josef Horák

The current state of the economy often places managers in the position where they have to determine how to best adjust criteria in order to measure success and define the required objectives. The current economic situation is marked by permanent changes, emerging new obstacles and opportunities. The main objective pursued by the majority of companies over the long-term horizon is increasing or maximizing their market value through their corporate strategy. The aim of this paper is to show concrete results of Czech firms to inventory valuation using their own expense or through direct costs may affect the explanatory power of certain indicators of financial analysis.
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Determinácia systematického rizika kmeňovej akcie v modeli časovo-premenlivého fundamentálneho beta

Jozef Glova

Model CAPM, zvyčajne označovaný ako model oceňovania kapitálových aktív, je fundamentálným základom na pochopenie spôsobu, na ktorom kapitálové trhy pracujú. Pri existencii všetkých predpokladov modelu CAPM, jediné portfólio rizikových aktív, ktoré investori budú vlastniť, je trhové portfólio.
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